A well-built activity, in the image of its core business: the property builder-renovator Hexaôm has published its half-yearly figures and it appears that revenues have increased by 10%, to 549.8 million euros. Organic growth perfectly online » with the expectations of the firm TP Icap-Midcap, for whom it « reflects the good commercial activity of last year despite the extension of the deadlines “.
The “Construction of Houses” division supports the activity of the Norman company, with billings of 425.5 million euros, up 10.2%. The firm believes this “ satisfactory performance, given the context of shortages of construction materials and labor on the market, which led to an extension of lead timess”.
Less for companies, more for individuals
The “Renovation” segment fell by 5.1% with a contribution to half-yearly revenue of 77 million euros. Last year, the group made the decision to focus more on renovations for individuals (B2C) rather than for businesses (B2B) in order to ” protect your margins “recalls Midcap Partners. Thus, B2B renovation achieved a business volume of 50.6 million euros, compared to 56.9 million euros over the same period of 2021, while B2C renovation increased by 9.5% to 26.4 million euros.
Hexaôm’s two remaining businesses, namely “Land Development” and “Promotion” continue to fully play their role as growth drivers “, emphasizes Florian Cariou, analyst in charge of value within the firm, “ with a strong increase in power » land development, up 171%, at 16 million euros. The promotion allows the group to invoice 31.2 million euros over the semester (+16.9%).
To remain vigilant
The volume of construction orders was down 23%. A drop considered logical by TP Icap-Midcap, which judges that the high point of last year and that the current context do not play in favor of the company, which still manages to pass on the price increases. Value, ” the decline is less pronounced (-10.8% or 514 million euros)”. Regarding renovations, in line with its strategy to focus on B2C, B2B order intake fell by 50%. Reservations from individuals have increased, in particular through the Illico Travaux subsidiary (+31%, to 40.9 million euros).
The family group does not change, in any case, its forecasts for the rest of the year. However, he stresses that he remains vigilant maintenance of its margins in an economic environment still marked by (…) inflation » as well as to his « level of profitability of its B2B renovation activity “. “In this sense, this publication does not lead us to modify our annual forecasts “, adds the office Midcap Partners, which maintains its recommendation to purchase.